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Private and export manufacturing rebounds
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CHINA’S manufacturing activity in private and export-oriented companies ended a three-month period of deterioration in August, backed by faster implementation of the fiscal program and supportive policies initiated by the government, a survey by HSBC Holdings plc showed this morning.
The HSBC Purchasing Managers’ Index, a comprehensive gauge of operating conditions at mostly private and export-oriented manufacturers, posted 50.1 in August, up from 47.7 in July.
A reading above 50 means expansion, and it was the first time for the index to signal positive growth since April.
Qu Hongbin, chief economist for China at HSBC, said the final reading implied that growth in China’s manufacturing sector has started to stabilize on the back of a modest rebound of new orders and output.
“This was mainly driven by the initial filtering through of recent stimulus measures and companies’ restocking activities,” Qu said. “We expect some upside surprises in China’s growth in the coming months.”
The components showed that manufacturers signaled the first expansion of production in three months in August amid signs of improved market conditions, and total new orders also increased for the first time since April.
The official Purchasing Managers’ Index, which is weighted toward large state-owned manufacturing companies, increased to a 16-month high of 51 last month, the China Federation of Logistics and Purchasing said yesterday.
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